Premium Paid Over Mathematical Odds: Total vig charged on parlay (negative number would imply player edge)

Premium Paid Over True Parlay Odds: The additional amount paid by player as percentage of parlay amount over and above that implied by the underlying bets (a negative number would imply the parlay was offered at a discount)

A parlay (often referred to as an accumulator in the UK) is a single bet whose outcome is determined by two or more underlying bets. Each of the underlying bets must win for the parlay to win. If any of the underlying bets lose, the entire parlay is graded as a loss (if an underlying bet pushes then the parlay is treated as if the pushed leg never existed - so a 4-team parlay would become a 3-team, a 3-team a 2-team, and a 2-team a single bet). Parlays offer a bettor a greater possible return for greater risk. In the UK and Ireland 2-team parlays are known as doubles, and 3-team parlays are known as trebles. (Non-parlay bets are known as singles, emphasizing the fact that these "normal" bets are really just one-team parlays.)

Back in the old days of street-corner betting, making a bet occasionally be a difficult process as it could require physically finding the bookie in order to make a bet. In order to partially overcome this difficulty a player might tell his bookie, "Put $2 on the Brooklyn Dodgers at even odds and if that bet wins parlay it all on tomorrow's New York Highlanders game at 2/1." (In this example the player would be risking $2 on Brooklyn. IIf that bet won he'd have $4 which he'd then be risking at 2/1 odds on New York. If that bet won he'd have $12 of which $2 represented his initial stake and $10 represented his winnings. If either bet lost, he'd be left with nothing.) This way, the player wouldn't have to wait and see if his first bet won to decide if he could afford to place money on the second bet. It didn't take long, however, for bookies to figure out that the games a player wanted to parlay didn't necessarily need to occur sequentially and could in fact take place simultaneously. It didn't matter which bet was graded at first the result was the same. If any of the underlying bets lost, the entire parlay was graded as a loss, and if all the bets won, the entire parlay was graded as a win.

This calculator determines parlay payouts as well as associated premiums given a set of underlying bet odds.

Note: The calculator accepts US or decimal odds. For Decimal odds greater than or equal to 100, preface the odds with either a "0" or a "d". For example, decimals odds of 200.0000 would be entered as either "d200" or "0200".